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EURO-YEN TECHS: 125 Under Pressure
After breaking up trendline support from the Mar 28 low on Tuesday, EURJPY has
continued to move lower. The key levels of the 100/55-dmas at 125.63/53 and the
38% retracement of 126.81-123.66 at 125.61 were re-challenged on Wednesday as
bulls attempted to wressle back control, but the failure saw EURJPY fall back
toward the 125 level. Below here lies the Apr 10 low at 124.78. A break below
here would open up the March lows and the 50% retracement of the 2016 lows to
the 2018 highs before the pivotal long-term 50% retracement of the 2012 lows to
the 2014 highs at 121.95. Bulls need to recover the 126 handle before
challenging Thursday's high at 126.81. A break here opens a run at the 127
level, ahead of the Mar 1 high & 200-dma at 127.47.
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